Formula One team Williams takes a loss in 2012
Posted on: 06:32 PM IST Apr 29, 2013
London: Formula One Team Williams made a pre-tax loss of 5 million pounds ($7.76 million) last year due to several long-term investments, including one that makes hybrid systems for public transport.
The British-based team announced on Monday its revenue increased 22 percent to 127 million pounds ($197 million) compared to 104.5 million pounds ($162.2) in 2011. But it still swung to a loss, compared to profits of 7.4 million pounds the previous year. It lost 2.6 million pounds ($4 million) in Williams Hybrid Power, which produces hybrid systems and other motor sport applications based on the KERS system used in F1.
Williams has struggled in the early part of the F1 season and has yet to score a point in the first four races.